Consolidated First definition

Consolidated First. Lien Net Leverage Ratio immediately prior to such transaction) and the incurrence of such Indebtedness and use of proceeds thereof; (y) in the case of other secured Indebtedness secured by Liens that are junior in right of security to the Liens securing the Notes, the Consolidated Secured Net Leverage Ratio on the date of incurrence of such Indebtedness (on a Pro Forma Basis) to exceed (i) at any time prior to the Q2 2024 Financials Date, 2.50:1.00 or (ii) at any time on or after the Q2 2024 Financials Date, 3.00:1.00 (or, to the extent incurred in connection with or in contemplation of an acquisition (including by way of merger, amalgamation or consolidation), the Consolidated Secured Net Leverage Ratio (on a Pro Forma Basis) shall not be higher than the greater of (a) (i) at any time prior to the Q2 2024 Financials Date, 2.50:1.00 or (ii) at any time on or after the Q2 2024 Financials Date,does not exceed the greater of (x) 3.00:1.00 and (by) the Consolidated Secured Net Leverage Ratio immediately prior to such transaction).the incurrence of such Indebtedness and use of proceeds thereof; or (z) in the case of Indebtedness secured only by Liens on assets that do not constitute Collateral, either (I) the Consolidated Total Net Leverage Ratio does not exceed the greater of (A) 3.75:1.00 and (B) the Consolidated Total Net Leverage Ratio immediately prior to the incurrence of such Indebtedness and use of proceeds thereof or (II) the Fixed Charge Coverage Ratio of the Issuer and its Restricted Subsidiaries is equal to or greater than the lesser of (i) 2.00 to 1.00 and (ii) the Fixed Charge Coverage Ratio immediately prior to the incurrence of such Indebtedness and use of proceeds thereof; and (19) Liens for Taxes, assessments or governmental charges or claims not yet delinquent or that are being contested in good faith and by appropriate proceedings for which appropriate reserves have been established to the extent required by and in accordance with GAAP. For purposes of determining compliance with Section 4.06 and this definition of “Permitted Liens”, in the event that a Lien meets the criteria of more than one of the categories of Permitted Liens described above in clauses (1) through (1819), the Issuer will be permitted, in its sole discretion, (a) to classify such Lien on the date of incurrence and may later reclassify such Lien in any manner (based on the circumstances existing at the time of any such reclassification), (b) may divide and later redivide t...

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Consolidated First. Lien Net Leverage Ratio. Solely with respect to the Revolving Credit Facility, the Borrower will not permit the Consolidated First Lien Net Leverage Ratio, as of the last day of any Test Period (commencing with the Test Period ending on the last day of the first full fiscal quarter ending after the Closing Date) to exceed 7.60 to 1.00. Notwithstanding the foregoing, this Section 10.9 shall only be in effect with respect to any Compliance Period (determined as of the last day of the applicable Test Period). The provisions of this Section 10.9 are for the benefit of the Revolving Credit Lenders only, and, notwithstanding anything to the contrary set forth in Section 13.1, the Required Facility Lenders under the Revolving Credit Facility may (a) amend, waive or otherwise modify this Section 10.9, or the defined terms used solely for purposes of this Section 10.9, or (b) waive any Default or Event of Default resulting from a breach of this Section 10.9, in each case under the foregoing clauses (a) and (b), without the consent of any Lenders other than the Required Facility Lenders under the Revolving Credit Facility in accordance with the provisions of Section 13.1.

Consolidated First. Lien Net Leverage Ratio. Permit the Consolidated First Lien Net Leverage Ratio as atof the last day of any Test Period ending on the dates set forth below to be in excess of the ratio set forth opposite such date below: September 30, 2016 6.125:1.00 December 31, 2016 6.125:1.00 March 31, 2017 6.125:1.00 June 30, 2017 6.125:1.00 September 29, 2017 6.125:1.00 December 31, 2017 6.125:1.00 March 30, 2018 5.625:1.00 June 29, 2018 5.625:1.00 September 28, 2018 5.625:1.00 December 31, 2018 5.625:1.00 March 29, 2019 5.125:1.00 June 28, 2019 5.125:1.00 September 27, 2019 5.125:1.00 December 31, 2019 5.125:1.00 March 27, 2020 4.625:1.00 Each Test Period ending thereafter 4.625:1.00

Examples of Consolidated First in a sentence

Permit the Consolidated First Lien Leverage Ratio determined as of the last day of any fiscal quarter of the Borrower to exceed 4.0 to 1.0.
Solely with respect to the Revolving Credit Facility, commencing with the fiscal quarter ending December 31, 2018, on the last day of any Test Period on which the Revolving Credit Facility Test Condition is then applicable, the Borrower will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio for the Test Period ending on such last day to be greater than 6.75:1.00.
Commencing with the first full fiscal quarter after the Closing Date, without the written consent of the Required Revolving Lenders, permit the Consolidated First Lien Net Leverage Ratio calculated on a Pro Forma Basis as of the last day of any Test Period (but only if the last day of such Test Period constitutes a Compliance Date) to be greater than 7.35:1.00.
Solely in the event that the Consolidated First Lien Net Leverage Ratio is required to be tested pursuant to Section 10.9, the Borrower shall be in Pro Forma Compliance with the Consolidated First Lien Net Leverage Ratio set forth in Section 10.9 after giving effect to the Transactions.
Solely with respect to the Revolving Credit Facility, the Borrower will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period ending during any Compliance Period to be greater than 6.90:1.00.
Each item of Indebtedness that is incurred or issued, each Lien incurred and each other transaction undertaken will be deemed to have been incurred, issued or taken first, to the extent available, pursuant to the relevant Interest Coverage Ratio, Consolidated First Lien Secured Leverage Ratio, Consolidated Total Senior Secured Leverage Ratio or Consolidated Total Leverage Ratio test.
Solely with respect to the Revolving Credit Facility, Holdings will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period on which the Revolving Credit Facility Test Condition is then satisfied to be greater than 5.75 to 1.00.
Solely with respect to the Revolving Credit Facility, Holdings will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period ending during any Compliance Period to be greater than 7.75 to 1.00.
Except with the written consent of the Required Revolving Credit Lenders, the Borrower will not permit the Consolidated First Lien Net Leverage Ratio as of the last day of a Test Period to exceed 4.75 to 1.00.
With respect to any issuance or extension of, drawing under, and/or amendment of, a 2020 Letter of Credit, to the extent the aggregate amount of 2020 Letter of Credit Unpaid Drawings outstanding exceeds 35% of the Total 2020 Letter of Credit Commitment at such time, the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the last day of the Test Period shall not be greater than 6.90:1.00.

More Definitions of Consolidated First

Consolidated First. Lien Net Leverage Ratio. Permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period (commencing with the Test Period ending March 31, 2013) to be greater than the ratio set forth below that is applicable to the last fiscal quarter of such Test Period (provided that (without limitation of any provision of Section 4.02(iv)) the provisions of this Section 7.11 shall not be applicable to any such Test Period ending on or before December 31, 2015 if on the last day of such Test Period ending on or before December 31, 2015 the aggregate Revolving Credit Exposure of all Revolving Credit Lenders (excluding Revolving Credit Exposure attributable to Letters of Credit, the Outstanding Amount of the L/C Obligations with respect thereto have been Cash Collateralized) is equal to or less than 15% of the Revolving Credit Commitments of all Revolving Credit Lenders): 2013 5.60:1.00 5.60:1.00 5.60:1.00 5.60:1.00 2014 5.60:1.00 5.35:1.00 5.35:1.00 5.35:1.00 2015 5.35:1.00 5.35:1.00 5.35:1.00 5.35:1.00 2016 5.35:1.00 5.20:1.00 5.20:1.00 5.20:1.00 2017 5.20:1.00 5.20:1.00 5.20:1.00 5.20:1.00 2018 5.20:1.00 5.20:1.00 5.20:1.00 5.20:1.00 2019 5.20:1.00

Consolidated First. Lien Net Leverage Ratio. Permit the Consolidated First Lien Net Leverage Ratio as of the last day of any Test Period to be greater than 5.35 to 1.00.